At 1 January 20X1 Barley acquired 100% 2 points of the share capital of Corn for $1,400,000. At that date the share capital of Corn consisted of 600,000 ordinary shares of 50 cents each and its retained earnings were $50,000.

On acquisition Corn had some assets whose carrying amount was $230,000 but the fair value was $250,000.

What was goodwill on acquisition?

$730,000

O $750,000

$1,030,000

$1,050,000